2015 Zimbabwe National Budget Statement

Presented to the Parliament of Zimbabwe on 27 November, 2014 by Hon. P. A. Chinamasa, MPMinister of Finance and Economic Development

1. Mr Speaker Sir, I move that leave be granted to present a Statement of the Estimated Revenues and Expenditures of the Republic of Zimbabwe for the 2015 Financial Year and to make Provisions for matters ancillary and incidental to this purpose.

2. This, Mr Speaker Sir, is in terms of Chapter 17, Section 305 (1-2) of the Constitution of Zimbabwe, read together with Section 28 (1)(a) of the Public Finance Management Act [Chapter 22:19].

3. Mr Speaker Sir, Honourable Members will recall that my 2014 Budget focused and stressed on policy oriented interventions and policy clarity, which were meant to restore and build confidence, thereby creating a conducive environment for attracting investment into the economy.

4. Mr Speaker Sir, the formulation of the 2015 National Budget comes at a critical time when the economy is still experiencing significant challenges reflecting both domestic and global fragilities, characterised by depressed international prices for both mineral and agricultural commodities.

5. Against this background, the design of the 2015 National Budget should reinforce the policy oriented thrust for laying a solid foundation for accelerated growth and creation of employment opportunities.

6. Mr Speaker Sir, the recent lapse of the restrictive measures under the Article 96 of the Cotonou Agreement is a welcome development.

7. However, whilst we appreciate the lapse, the continued imposition of travel restrictions on the Head of State and Government places some psychological cost, as investors and other development partners continue taking a cue from the sanctions measures.

8. Hence, the reality is that our economic fortunes remain weighed down by the sanctions.

9. It is, therefore, imperative that we take advantage of the lapse of the measures under Article 96 of the Cotonou Agreement whilst at the same time we also collectively lend our voice towards the lifting of the illegal sanctions imposed on the country.

10. The Budget should, on its part, therefore, be developmental and inclusive, enunciating policies that address structural bottlenecks in the economy as well as improving the ease of doing business, whilst making clarification on the Indigenisation and Empowerment Policy.